Valve Purchases Turtle Rock Studios

Valve announced today that it has acquired Turtle Rock Studios, the developers of upcoming horror game Left 4 Dead. Valve’s co-founder Gabe Newell had the following to say on the takeover:
We have been seeing very strong growth with Steam and Source, our content distribution and development platforms, up over 150% over the last 12 months. Given our expectations for Left 4 Dead and our long-standing relationships with members of the Turtle Rock team, this was an easy decision.
“Left 4 Dead fills a long-standing demand gamers have had for a coop first-person action experience, and it will also help Valve’s expansion into the console market,” added Doug Lombardi, Valve’s VP of marketing.
Turtle Rock has had extensive experience of working on some of Valve’s biggest franchises having previously handled the development of Counter-Strike: Condition Zero, several maps for Counter-Strike: Source and the Xbox port of the original Counter-Strike.
Left 4 Dead sees two teams of up to four players battle it out as either human survivirs or blood-thirsty zombies. It’s currently scheduled for release on PC in the second quarter of 2008 with an Xbox 360 expected later in the year.
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[...] which was previously scheduled for a Q1 release date, is being developed by Valve and it’s newly acquired subsidiary Turtle Rock Studios for the PC and Xbox [...]